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Provides guidance on market research, stressing potential customers and competitors, economic and market conditions, industry trading patterns, supplier landscape, and required staff/technology. Includes instructions for SWOT analysis, defining strengths, weaknesses, opportunities, and threats, and prompts to articulate ideal client profile, value proposition, quality assurance, and competitive differentiation. 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It is vital that you do market research on:\u003Cbr>• Potential customers and competitors\u003Cbr>• Economic and market conditions\u003Cbr>• The way trade is usually done in your industry\u003Cbr>• Who the suppliers are\u003Cbr>• Staff and technology you require.\u003Cbr>Make sure you indicate in your business plan that you have done this research.\u003Cbr>Trends and emerging technology:\u003Cbr>Pay particular attention to trends and emerging technologies. For instance, there’s little point in entering a declining market. On the other hand, the Internet may be transforming your current market and you need to detail how you will take advantage of emerging opportunities. |  |\n| --- | --- |\n|  |  |\n\n\n| SWOT analysis:\u003Cbr>A good way to summarise your research is to conduct a SWOT analysis\u003Cbr>Strengths Weaknesses Opportunities Threats Generally internal to the business Generally external to the business\u003Cbr>Who will visit our salon/barbershop? (Ideal client profile)\u003Cbr>_________________________________________________________________\u003Cbr>Why should they visit our salon/barber shop? (Value proposition)\u003Cbr>How will I provide the service or product?(Quality assurance and point of difference)\u003Cbr>_________________________________________________________________\u003Cbr>Competitive Advantage:\u003Cbr>Above all, you must ask: ‘What makes me different?’Why should people give you money that they do not give to anyone else?\u003Cbr>• Is your product new or unique?\u003Cbr>• Is it cheaper than a competitors?\u003Cbr>• Is the quality better in some way?\u003Cbr>• Is your business located conveniently or the only one in the area? |  |\n| --- | --- |\n|  |  |\n|  |  |\n|  |  |\n|  |  |\n|  |  |\n|  |  |\n|  |  |\n\n\n| The answers to these questions will help formulate your point of difference or unique selling proposition (USP) .\u003Cbr>These answers are the key to your success strategy and should underpin everything you do.\u003Cbr>Action plan:\u003Cbr>Finally, the best business plan is a practical roadmap that directs your actions. Therefore, make one page of your business plan a summary Action plan grid and refer to it regularly to stay on track:\u003Cbr>Goals Actions to\u003Cbr>achieve goals Budget Timeline Responsibility |  |\n| --- | --- |\n|  |  |\n|  |  |\n|  |  |\n|  |  |\n|  |  |\n|  |  |\n|  |  |","cbCaisaWg5jJB3zh","https://ap.wps.com/l/cbCaisaWg5jJB3zh","pdf",117292,"English","# Mission statement and business profile\n## Key elements and market research\n# SWOT analysis and competitive advantage\n## Unique selling proposition (USP) prompts\n# Action plan grid","[{\"question\":\"What sections should be included in a business plan’s mission statement and business profile?\",\"answer\":\"Include the mission statement and a business profile describing the business and its products/services, business make-up (employees, locations, turnover, profit margins), growth to date, geographic scope and target markets, and competitors with competitive advantages.\"},{\"question\":\"Why is market research considered a critical part of business planning?\",\"answer\":\"Market research is described as the weak link in many plans, and it must cover potential customers and competitors, economic/market conditions, typical industry trading methods, supplier who’s who, and required staff and technology.\"},{\"question\":\"How should the business define its competitive advantage and USP?\",\"answer\":\"Use SWOT results and answer prompts such as what makes the business different, whether the product is new/unique, pricing versus competitors, whether quality is better in some way, and whether location offers convenience or a unique local presence.\"}]","Business-Plan-Template - business plan content outline | PDF",1790132532]